Icon Stockbrokers Ltd was set up in 1962 by what is now known as the Bank of Industry, and the brokerage has been a part of most of the biggest public share sales in the history of Nigeria’s stock market.
The country’s financial markets are growing in importance, and private and institutional investors are increasingly warming to the idea of taking advantage of the profitable opportunities that are becoming available.
“We believe that as more companies get listed in the market, it will give institutional investors an opportunity to participate more,” says Chike Nwanze, Chief Executive Officer and Vice-Chairman of Icon Stockbrokers Ltd. “We are also trying to set up a lot of collective funds, such as unit trust or mutual funds, to allow retail investors to participate and invest.”
Icon offers a huge range of services to its clients, including dealing in quoted securities, management of public offerings, sectorial analysis, portfolio management and guidance services for funds and investment projects. Those services are not only available to Nigerians, but also to foreign investors who want to profit from Nigeria’s huge potential.
“Foreign fund managers who invest in the Nigerian capital market, need local stockbroking firms to execute their trades; this gives an opportunity for the creation of synergies and strong relationships between Nigerian and UK organisations,” says Mr Nwanze. “At Icon our activities that go beyond just stockbroking. We also offer financial advisory services, and we conduct fundamental research analysis for companies entering the market. Our research department writes equity research reports that are posted to international portals, such as Reuters and Capital IQ, which is a subsidiary of Standard & Poor’s.”